What is a Fiduciary and why is it important?
Some might be surprised to learn that not all “financial advisors” are required to place the interests of their clients ahead of their own. Many firms are tied to a broker-dealer which is only required to make recommendations that are suitable for the client. Whereas, Registered Investment Advisors are fiduciaries and are legally obligated to make recommendations that are in the best interest of their client. In fact, a distinguishing difference is that a broker-dealer’s primary duty is to their employer, not their clients. The best way to start your search for a Fiduciary is to work with RIAs (Registered Investment Advisors). They are required to register with the SEC and have a fiduciary duty to their clients. You can learn more about this here.
What are the ways in which an advisor can be paid, and which is in your best interest?
An advisor can be paid through commissions or be Fee-Only. When you work with a Fiduciary, you are working with an advisor that is Fee-Only. This means that they are paid an hourly rate or a flat fee (percentage of the assets under management). They do not sell any commission based products and therefore remove potential conflicts of interest.
What is comprehensive financial planning?
Comprehensive financial planning involves reviewing your current financial picture, setting goals, and then building out an investment portfolio to help facilitate those goals. The various components involve estate planning, insurance planning, retirement planning, tax planning, college planning, and more. It is important to understand that a comprehensive financial plan evolves and changes over time and should be revisited annually or when any big life event occurs.
What is an investment philosophy?
It is a set of beliefs and principles that guide an investor’s decision-making process. It is important to develop your personal investment philosophy so that when the time comes to work with a Financial Advisor, you find the right fit. You can find out more about this here.
What services does ML&R Wealth Management provide?
ML&R Wealth Management serves individuals, families, business owners, and nonprofit organizations with personalized investment management services. They work to bring order, direction and confidence to your financial future through a well thought out wealth management plan. Their services include comprehensive financial planning and investment management for individuals, designing and maintaining tailored retirement plans for businesses, and sound investment management for institutional portfolios.